LaSalle Hotel Properties Acquires Viceroy Santa Monica

Discussion in 'Luxury Hotels' started by AmericanGirl, Mar 17, 2011.  |  Print Topic

  1. AmericanGirl
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    AmericanGirl Silver Member

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    http://www.hotelnewsresource.com/ar...Properties_Acquires_Viceroy_Santa_Monica.html

    LaSalle Hotel Properties (NYSE: LHO) today announced that it acquired the leasehold interest in the Viceroy Santa Monica for $80.1 million. The 162-room, urban, full service hotel is located at 1819 Ocean Avenue in Santa Monica, California.

    The Viceroy Santa Monica, which is one block from Santa Monica Beach features views of the Pacific Ocean and is located proximate to many area businesses as well as leisure attractions, including beaches, Main Street shopping district and the Third Street Promenade. The property’s Santa Monica neighborhood offers upscale dining, premium shopping and vibrant nightlife.

    “We are very excited about the purchase of the Viceroy Santa Monica,” said Michael D. Barnello, President and Chief Executive Officer of LaSalle Hotel Properties. “This extraordinary asset features a premium location, top-notch accommodations and it benefits from multiple demand generators. Furthermore, we believe the hotel’s performance will benefit from the implementation of our asset management best-practices.”

    The hotel originally opened as the Pacific Shores Hotel in 1967 and re-opened in 2002 as the Viceroy Santa Monica following a $20.3 million renovation. In 2009, the Viceroy Santa Monica was named to the “Top 100 Hotels in the U.S. and Canada” list by Travel + Leisure. The property features 162 guestrooms, including 18 suites, which range in size from 470 to 905 square feet. The hotel’s guestrooms offer a sitting area with ocean, pool or palm view, oversized showers and wired and wireless internet service.
     
  2. techguru
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    techguru Silver Member

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    We definitely see the upper end of the market picking up. No one really buys luxury properties because they are awesome earners -- prestige is more of a factor. It will be an interesting time to see how the upper end reacts after the crisis in Japan.
     

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